Ceat shares down 6% on disappointing FY’11 nos

Shares of Ceat plunged hit by an 83.71 pct decline in consolidated Q4 net profit.

Shares of tyre major Ceat plunged by over six per cent on the BSE,hit by an 83.71 per cent decline in consolidated net profit for the year ended March,31,2011.

Reacting to the disappointing numbers,the scrip fell by 6.24 per cent to settle the day at Rs 99.95 a piece on the Bombay Stock Exchange (BSE). In intra-day trade,the stock tumbled by 7.45 per cent to touch a low of Rs 98.65.

Ceat reported an 83.71 per cent dip in consolidated net profit for the year ended March,31,2011,to Rs 26.46 crore,hit by high raw material costs,especially that of rubber.

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The company had a net profit of Rs 162.47 crore in the same period of the previous fiscal.

The board of the company has declared a dividend of Rs 2 per share.

Meanwhile,the BSE 30-share Sensex,too,closed the day with a loss of 137.94 points at 18,998.02.

Sources in the LJP (RV) said the names of the remaining 15 candidates would also be announced very soon.

Bihar polls: Chirag Paswan’s LJP (Ram Vilas) announces first list of 14 candidates

India2 hr ago

Lok Janshakti Party (Ram Vilas) announced its first list of 14 candidates for the Bihar assembly polls, with its state unit chief Raju Tiwary and leader Hulas Pandey among the nominees. As per the seat-sharing arrangement, LJP (RV) will contest 29 seats, while BJP and JD(U) will contest 101 seats each. The remaining 15 candidates will be announced soon.

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